https://www.motorsport.com/f1/news/ex-f1-boss-ecclestone-pleads-guilty-to-fraud/10531913/
Wait a minute......I thought Singapore bank accounts were Tax Free for non-residents? Singapore’s taxation is very attractive with its low corporate and personal tax rates, extensive tax treaties, and tax relief measures. The country is also considered a tax haven because it offers tax benefits to offshore non-resident enterprises. Moreover, the state entices foreign investment by providing tax breaks to qualified foreign capital invested in the country. https://www.3ecpa.com.sg/resources/singapore-taxation/overview-of-singapore-taxation/#:~:text=This%20means%20that%20the%20foreign%20income%20of%20nonresident,when%20using%20Singapore%E2%80%99s%20banking%20and%20fund%20management%20facilities. Maybe Bernie missed a step in the process.
Bernie is a British resident and pays his taxes in UK. As such he had to reveal all his assets, accounts and incomes abroad to the British Inland Revenue Services. This is what he apparently failed to do in this case. It's not forbidden for a Brit to invest abroad where it's more profitable, BUT it has to be declared.
